Iran, Russia presidents emphasize economic ties during Moscow meeting
Presidents of Iran and Russia, Ebrahim Raisi and Vladimir Putin, underscored the need for the expansion of economic and trade relations between their nations during a meeting in Moscow on Thursday.
President Raisi expressed satisfaction with the existing collaboration in energy, agriculture, and knowledge-based technology between Iran and Russia. He emphasized the potential for further cooperation that could mutually benefit both governments.
Russia's TASS news agency reported that the entry of Iran into a free trade agreement with the Eurasian Economic Union was a focal point of discussion during the meeting.
The Eurasian Economic Union, comprising Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, could offer lucrative opportunities for Iran, particularly in terms of trade exemptions and tariff benefits.
Raisi mentioned the possibility of signing this free trade agreement at the union's upcoming meeting at the end of the month.
Last year, Iran's trade with the Eurasian Economic Union amounted to $1.35 billion in exports, and $1.8 billion in imports. Nearly a quarter of Iran's total trade with the union is dedicated to trade with Russia.
During the meeting, President Raisi extended an invitation to his Russian counterpart to visit Tehran, a gesture that President Putin welcomed.
This diplomatic engagement follows President Putin's recent visits to Saudi Arabia and the UAE.
The meeting comes at a time when Iran faces criticism for providing drones to Russia to assist in the Ukraine war, leading to the imposition of several sanctions by Western countries.
Conflicting reports have also surfaced about Russia potentially delivering "Sukhoi 35" fighters to Iran in exchange for more drones and missiles.
Additionally, Russia's Gazprom has signed several oil and gas memorandums with Iran since it attacked Ukraine in February last year, though the conversion of these memorandums into contracts remains uncertain.
The value of these memorandums, as stated by Iranian authorities, is approximately $40 billion. Gazprom, facing challenges from Western sanctions, is exploring new markets, with Iran potentially becoming a significant partner in the energy sector.
